How Is Reporting for Other Comprehensive Income (OCI)different Between U

question 17

Multiple Choice

How is reporting for other comprehensive income (OCI) different between U.S.GAAP and IFRS?

• A)U)S.GAAP allow either a one-statement approach or a two-statement approach while IFRS require a two-statement approach using the direct method.
• B)U)S.GAAP allow either a one-statement approach or a two-statement approach while IFRS require a two-statement approach and allow more items to be classified as OCI.
• C)Both U.S.GAAP and IFRS allow either a one-statement approach or a two-statement approach while IFRS require the direct method.
• D)Both U.S.GAAP and IFRS allow either a one-statement approach or a two-statement approach while IFRS allow more items to be classified as OCI.

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Definitions:

Slavery

A system where individuals are owned by others, deprived of personal freedom and forced to perform labor or services against their will.

Eighteenth Century

A period from 1701 to 1800 that is marked by significant historical events including the Enlightenment and the American Revolution.

Artisan Shops

Small-scale businesses specializing in handmade or traditional products, often emphasizing quality and craft.

Eighteenth-Century Slavery

The period marked by widespread use of slave labor, particularly in the American colonies and the Caribbean, where African slaves were forcibly brought to work on plantations.